CPK same-store sales rise 5.1% in Q2

July 1, 2002

LOS ANGELES -- California Pizza Kitchen Inc., (Nasdaq: CPKI) announced that same-store sales increased 5.1 percent for the second quarter ended June 30, versus 3.3 percent in the same period a year ago.

CPK expects total revenues for the second quarter will be approximately $75.6 million, some 25 percent greater than the same period last year.

In a release, CPK credited the growth to an approximate 2.5 percent rise in menu pricing (initiated last November and again this May), changes in menu mix and traffic increases.

During the quarter, CPK opened four new restaurants in Detroit, Louisville, Ky., Seattle and Wayne, N.J. The company anticipates opening a minimum of 10 more restaurants this year.

In April, CPK forecast earnings per share would range between 19 cents and 21 cents for the second quarter, but management has boosted its expectations to between 21 cents and 23 cents per share.